After a thorough look at the range of the electric bikes available in the market, it is clear that there is a perfect upgrade for every cyclist. From e-scooter to e-bikes, every model is designed to fulfill the demands of consumers. And so far, manufacturers have lured the millennials with a wide range of electric bikes that are more powerful than their predecessors.
According to a research firm, Allied Market Research, the global electric bike market is expected to reach $23.83 billion by 2025, registering a compound annual growth rate (CAGR) of 4.9% from 2018 to 2025. In fact, North America region is expected to witness the fastest market growth in the next seven years, owing to increased adoption of electric bikes for daily commuting, recreation, and fitness activities. For instance, Uber, a ride-sharing transportation network company, has decided to roll out about 300 electric bikes in San Diego. The company declared that it will cost just $1 to unlock and 10 cents per minute to ride.
That being said, it is clear that electric bike is the next “green” thing in transportation, thus, here are some futuristic trends in the electric bikes market that every e-bike enthusiast must be aware of.
Electric bikes are lighter and more affordable
The most effective business strategy in the transportation market is to make vehicles more affordable, sleeker, and lightweight. Experts believe that the weight of the vehicle can get reduced below 15 kg using light materials like aluminum and carbon. Moreover, several electric bikes incorporate battery into the frame itself, making it barely noticeable.
On the other hand, it should be considered that customers want an attractive appearance apart from a lightweight e-bike. General Motors, the leading American vehicle manufacturing company, recently unveiled two novel electric bikes, of which one is foldable, and another is compact in design. The company has not declared specifications such as weight, range, or the price of either of the bikes. However, the designed launched by the firm is compelling enough to attract crowd outside its stores.
Not just e-bikes but e-scooters and e-trike
The electric bike market offers an exciting range of variety when it comes to electric vehicles. According to the needs of users, people can opt for bikes, scooter, or even three-wheeler vehicles that run on electrons instead of fuels created by the extinct dinosaurs. This year’s event, World’s premier motorcycle, displayed an outstanding variety available in the electric bike market. One of the most amazing innovations can be regarded as the electric motorcycle and sidebar launched by the Russian motorcycle company, Ural.
In a partnership with Zero Motorcycles, electric motorcycle leader, Ural launched its first electric motorcycle that features a sidebar. While the details regarding its production are unclear, the company has added a host of options for its consumers.
Extra juice to go that extra mile
It goes without saying that an electric vehicle needs to have a strong battery backup that lasts for a longer range. Extended battery backup is the most important trend in the coming future. Several companies offer additional batteries, which can be carried like a water bottle to go that extra mile. No need to wait for the future, several companies have already been offering such additional support for battery backup. For instance, a German company, Haibike, launched a model that has an option of mounting a second battery on the down tube. Similarly, Bosch provides a dual battery system that has the ability to intelligently switch between the two batteries, which would be perfect for electric bikes.
Bike sharing, renting, and leasing
In the era when the costs of gasoline, diesel, and other fuels have seen the upward trend, sharing or pooling has its own share of perks. In addition, more and more people are taking in to account the effects of carbon footprint and degrading environmental scenario and eventually opting for eco-friendly alternatives to traditional transportation systems.
Thus, the world’s biggest ride-sharing company, Uber, has entered into the electric bike market. E-bike rental and leasing are blooming in several countries, especially in the tourism-centric countries. Additionally, there are various apps that help to rent electronic vehicles to travel from one production location to another.
Similarly, bike2business, a company that allows leasing electric bike at the cost of about 500 euros, has begun collaborations with employers as part of a salary conversion.
There is no shortage of traditional vehicles that advertise their ability to minimize environmental damages, but electric bikes offer far better and eco-friendly alternative and a novel way to a greener future. This has been and should be the marketing strategy of companies that are in the electric bike industry. However, let’s hope that the upcoming technological advancements can improve the performance of such e-bikes while maintaining its affordability.
Swati Tamhankar has accomplished bachelor degree in Electronic & Telecommunication and presently is working as a digital marketing executive with Allied Market Research. I love reading, writing short stories, poems, and blogs.